phoenix housing market Archives - The Phoenix Real Estate Guy

Reminder why you don’t get your real estate reports from national news sources

March 18, 2013 By Dean Ouellette

I was driving in Mesa this weekend to a showing when a news report came on the radio at the top of the hour.

Prices may be up, but housing market could be in for another fall.

I almost spit my Dunkin’ Donuts Irish Cream coffee through my nose (so addicted to them right now).

I was thinking… this should be good.

The national news report went on to talk about how the last two months saw huge increases in new foreclosure starts which could lead to another drop in prices.

What is up with this report? Foreclosures in the Phoenix market are almost back to a normal level.

The report wasn’t necessarily wrong, just wrong for Phoenix.

Nationally there are a lot of states where foreclosures were being held up because of lawsuits. States where banks were holding off n foreclosures until the lawsuits were settled. And now they are.

Phoenix Arizona is not one of those locations.

Every indication in the last year is we are well past the bottom and past the foreclosure onslaught.

Tip O’neil used to say all politics is local. The same holds true for real estate. National housing market headlines are often completely irrelevant to the Phoenix housing market.

Phoenix market for $500. Answer: What Is Change

September 19, 2012 By Dawn McKinley

Change is hard. Seriously, we get it. The last few years have been hell on wheels for most of us in Phoenix. The houses that we bought for what seemed like an obscene amount of money were worth three times what we paid for them just 6 short months later… and then, in a blink of an eye, 10 times less. The secure jobs we had disappeared. It pretty much sucked.Now, we’re hearing that the economy is “coming around.” Interest rates are being held low, jobs are being created, and housing, of all things, is gaining. GAINING! Like, that thing called “equity” that we never thought we’d see again is floating in front of us like an etherel fairy princess becoming us into the promised land. Forgive me if I sound skeptical.However, there is no denying the facts. Two years ago in the month of August, 2,743homes classified as foreclosures sold in Phoenix. 1,844 sold were short sales. The total number of homes on the market that sold? 6,963, with an average sold home price of $165,012.

So let’s switch to almost two years later. In August 2012, 1,101 homes classified as foreclosures sold. 2,165 sold as short sales. However, there were only 7,555 total sales, with an average home price of $191,666. So when you think about it, since two years ago, we have increased the number of homes sold, almost cut the number of distressed homes (short sales and foreclosures) sold in half, and the average home price has risen. Just a little different, huh?

All those things look positive, don’t they? Things are changing, and for the good, right? So why are we so on the fence about it?

The truth is, change is all about perception, not reality. Face it…there’s a reason why the phrase “there are lies, damn lies, and statistics” exists. Words and numbers can be spun to fit the situation you are promoting, and people will believe only what they want to believe. However, there is no denying that the Phoenix real estate market has changed since the housing downturn, and we need to be prepared to act with that change. If you want to sell your house – email or call us and we can tell you what the market is like in your area. If you want to buy a house – email or call us, and we can tell you what other buyers are paying for homes like the one you want. But above all… don’t be afraid of the change, because in just one blink – it could have changed again.

Monday Morning Phoenix Round-up

September 17, 2012 By Dean Ouellette

Metro Light Rail Cars are very easy to board — Phx is moving again. flickr.com nickbastian

What exactly is going on with the Phoenix housing market these days. Here are a few recent stories that help paint the picture.

Housing frenzy spread to rentals in metro Phoenix

Last week the Arizona Republic reported on how the resale market is not the only part of the Phoenix housing market that is on fire. Rentals are just as hot.

If you have been looking for a rental or if you have been looking for a house under $200k in the last year you are getting the same results in the market. There is no inventory.

Rentals are very much like the housing market right now, if you see something you like, you better act quick. Most rental houses have multiple applications in the first day or two.

My advice when looking for a rental house, check out all your options. That would include a good real estate agent, Craigslist (just watch out for scams like “I’m currently out of the country) and also some large private property management companies who do not advertise on the MLS.

Metro Phoenix market July numbers

The numbers for July are out and prices were steady. While prices were down about 1% from June, they were still up almost 31% from July of 2011.

The number of sales are down, but that is mainly because of the low inventory.

One thing to keep in mind when looking at prices is Phoenix is a large area.

If you look at housing in the East Valley, the cost per sq foot on houses closed in July was up about 1% over of what it was in June. And the average prices for houses under $150,000 is up slightly in July too.

So remember, the general numbers for a real estate market are just that, they are general. All real estate is local so talk to an agent who can give you more accurate information.

And not exactly market related, but a recent post from Marty Boardman, one of our agents who specializes in fixing and flipping homes. Should you make sure you use a licensed contractor?

Marty walks you through the pros and cons of each and tells you exactly when he makes sure he hires licensed contractors vs when he goes elsewhere.

Reminder why you don’t get your real estate reports from national news sources

Phoenix market for $500. Answer: What Is Change

Monday Morning Phoenix Round-up

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